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Gold/Mining/Energy : Gold Price Monitor

GDXJ 124.08

0.0%

Feb 2 4:00 PM EST

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To: PaulM who wrote (19104)	9/17/1998 12:31:00 AM
From: banco$	Read Replies (1) of 116958

IMF funding dealt setback by U.S. House panel WASHINGTON, Sept 16 (Reuters) - A U.S. congressional panel voted on Wednesday to block supporters of the International Monetary Fund from including $18 billion for the lending agency in legislation funding U.S. aid programmes around the world. The House Rules Committee said California Representative Nancy Pelosi would not be allowed to offer an amendment adding billions of dollars for the IMF to the legislation during debate in the full House on Thursday. The House is scheduled on Thursday to consider a $16.2 billion package to fund U.S. foreign aid programmes. That package includes just $3.4 billion for the IMF, to support the so-called New Arrangements to Borrow (NAB), an emergency fund to help the IMF cope with future crises. Pelosi's amendment would have added on an additional $14.5 billion to increase the IMF's lending capacity. The White House has asked Congress to give the IMF both $3.4 billion for the NAB and $14.5 billion to replenish its reserves, drained by multibillion-dollar bailouts for Russia and three Asian countries. The Senate approved the full $18 billion package on a vote of 90-to-3 on Sept 2. But opposition in the House has grown over the lending agency's controversial bailout for Russia. At the Clinton administration's urging, the IMF in July arranged a $22.6 billion package of loans for Russia, aimed at ending the country's crippling economic crisis. Despite the cash infusion, market confidence evaporated, Russian stocks and the rouble crumbled, sending shock waves through global financial markets and fuelling fears that Russia's troubles would unleash a global economic downturn.

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